The Big Story: MarineMax Attracts $1B+ Buyout Interest
MarineMax (NYSE: HZO), the largest recreational yacht retailer in the US with 65 marina/storage locations and 70 dealerships, is in play.
Activist investor Donerail Group (5% stake) has offered $35/share in an all-cash bid valuing the company at over $1 billion. Blackstone, Centerbridge Partners, TPG, Blue Compass, and Island Capital Group have all expressed interest.
MarineMax has engaged Wells Fargo to evaluate strategic alternatives. A proxy fight is underway ahead of the March 3 annual meeting. Stock is up 18% YTD.
If this closes, it would be the second-largest marina-adjacent transaction in history — behind only the $5.65B Safe Harbor deal.
This Week's Deals
Eagle Point Marina — Lewisville, TX
Buyer: Suntex Marina Investors / Centerbridge Partners
Price: Undisclosed | 597 wet slips
Suntex's third Lake Lewisville marina, joining Hidden Cove and The Tribute (under construction). Covered and uncovered slips from 25' to 60'.
Bay Harbor Marina — Bay City, MI
Buyer: TopSide Marinas
Price: Undisclosed | 400 wet / 100 dry / 500+ winter storage
80 acres. 120,000+ sq ft heated indoor storage. TopSide's first Michigan entry. Established 1967.
Bayside Marine — Duxbury, MA
Buyer: Bain Capital / BlueWater Marinas
Price: Undisclosed | Full-service marina
Family-owned since 1949 by the Kent family. Authorized Grady-White dealer. Duxbury Bay with Cape Cod Bay access. Fifth acquisition for the Bain/BlueWater JV.
Cypress Cove Marina & Lodge — Venice, LA
Buyer: Confidential | Broker: SVN Marinas
Price: Undisclosed
Premier sportfishing destination. Hosts Cajun Canyons Billfish Classic. Sold under strict NDA.
Shalimar Harbor Marina — Shalimar, FL
Buyer: Suntex / Centerbridge Partners
Price: Undisclosed | 134 wet / 190 dry rack
Formerly Two Georges Marina. Second Emerald Coast property for Suntex alongside Legendary Marina in Destin. Original owners remain on-site running independent sales/service.
Redwood Anchorage Marina — Sag Harbor, NY
Buyer: Town of Southampton
Price: $7.5M | 60 wet slips
Owner turned down higher private offers to sell to the town for public use. 85% of slip renters are local. Funded by Community Preservation Fund. Broker: Brown Harris Stevens.
Kent Narrows Boatel — Kent Narrows, MD
Buyer: Bain Capital / BlueWater Marinas
Price: Undisclosed | 375 slips
Class A heated drystack near Annapolis. Fourth Bain/BlueWater JV acquisition.
New Money Entering Marinas
Two new funds launched in early 2026:
Timberview Capital — Marina Fund ($15M)
Targeting cash-flowing, value-add marina properties. Their thesis: 70% of US marinas run at 95-100% occupancy, and the top 2 operators own less than 2.5% of the market. Massive consolidation runway.
Granite Harbor Capital — Mariner Fund I ($50M target)
Launched January 2026. Focus on Midwest. Mid-teen IRR target, 3-5 year horizon. Received ~$3M in commitments on Day 1.
Platform Watch
Suntex / Treasure Island (San Francisco): Joint venture with Kenwood Investments to build a 168-slip marina at Clipper Cove. First new marina entitlement in SF Bay in 25+ years. Construction targeted June 2026.
Safe Harbor / Front Street Shipyard (Belfast, ME): Acquisition complete. $5M planned investment. Full-service boatbuilding and refit facility for vessels up to superyacht size. Safe Harbor's 151st+ property.
Safe Harbor / Onset Bay (Wareham, MA): Proposed expansion facing significant community opposition. Conservation Commission scrutiny ongoing.
South Florida Development Watch
PORT 32 Palm Beach Gardens — $80M Redevelopment
The 50-year-old PGA Marina has been demolished. In its place: a 471-slip facility (451 enclosed dry storage, 20 wet) with the largest marina forklifts in the US (75,000-lb capacity) and Category 5 hurricane-rated construction. Pre-leasing started this month. Opening targeted December 2026. PORT 32 acquired the 7.5-acre site for $16.8M in 2021.
Rybovich Superyacht Marina — $2B Redevelopment Advancing
Huizenga Holdings and Integra Investments are moving ahead on 19 acres of West Palm Beach waterfront at 4000-4300 N. Flagler Drive. Four condo towers plus commercial space. Safe Harbor (Blackstone) owns the adjacent 5.8-acre superyacht facility. Groundbreaking expected early 2026.
Lake Park Harbor Marina — Developer Sues Over 99-Year Lease
Forest Development filed suit against the Town of Lake Park on December 29 after officials missed a state Cabinet approval date and paused an environmental permit. The project: a 280-boat storage facility, 260-room Marriott hotel, and 30,000-sq-ft restaurant on 2.5 acres of town-owned waterfront. The four 99-year leases are worth $4.2M in the first 10 years — and nothing for the remaining 89.
Riviera Beach Marina Village — $481M Proposal in Play
Sonnenblick Development's $481M waterfront proposal was selected by City Council in November for the 12-acre Marina Village site. Competing with Forest Development ($325M) and Related Urban. Plans include hotels, aquarium, restaurants, housing, and marina improvements on 80 acres of city-owned waterfront.
Market Pulse
Simply Marinas closed $120M in Q4 2025 transactions alone, with over $450M in recent volume. Their take on 2026: "positioned for significant growth" citing softening interest rates and a growing buyer pool.
AMI certified its largest-ever class of marina professionals — 52 newly certified managers and operators. Corporate chains drove much of the participation.
Tierra Verde Marina (FL): Greenleaf Capital withdrew its $33M application for a 711-rack, four-tower boat storage facility after community pushback. Would have been the 2nd largest in the US.
Browse More
22+ marinas currently for sale: marinadealflow.com/listings
Full deal database (50+ transactions): marinadealflow.com/deals
Top buyers and brokers ranked: marinadealflow.com/leaderboard
Know a deal we're missing? Forward this to a broker or reply to this email.
See you Thursday,
Marina Deal Flow